The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
CryptoPunks are, of course, the most legendary collection of NFTs on Ethereum.
But when you measure aesthetics, community, cultural potential, and technical quality, I think one project stands above the rest. noun DAO.
Nouns is an on-chain collective funding creative efforts to build Nouns as a decentralized brand and memetic force for good.
That said, this is a project worth keeping an eye on, so in today’s post we’ll take the current pulse of the Nouns ecosystem and see where it stands.
-WMP
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Since launching on Ethereum in August 2021, the Nouns protocol has 1045 noun The average settlement price of the last 10 daily celeb auctions is 5.7 ETH.
For the secondary market, about a dozen nouns, or ~1% of the total collection, are currently listed in the full list. blur and open seaThe lowest price is 6.9 ETH.
The recent Nouns V3 protocol release introduced the Nouns Fork feature, the first DAO-based fork in the cryptocurrency economy.
that much verb team Within the Nouns DAO, we created this system to provide a structured and automated approach for groups to peacefully discuss differences in vision in the Nouns community.
This mechanism was used: three times so farNearly 600 celeb NFTs, representing 57% of the 1045 celebs created to date, have been transferred back to the Noun Treasury in these departures.
This fork is specifically intended for early Nouners looking for liquidity, disillusioned DAO members, and arbitrator They are trying to raid the DAO’s ETH treasury.
Now that the dust has settled around these cathartic forks, it’s back to “business as usual” at Nouns DAO. The group’s treasury transferred a significant amount of ETH to former employees, but currently holds Still around $22 millionThis is sufficient for a variety of ongoing cultural and development efforts.
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Cultivated within the noun DAO, prop house It is a public good designed to enable celebs or other NFT communities to deploy capital. This system allows groups to create funding rounds in which builders propose ideas and community members vote on these proposals. The point here is that you can “bid with your idea of ETH”. This means that the proposal that receives the most votes in the round wins ETH.
As such, Prop House is an excellent public resource for community building and demonstrates the kind of tools Nouns DAO can build for the cryptocurrency economy. To date, projects using this infrastructure have received more than 8,000 proposals and more than $3 million in more than 300 funding rounds.
In particular, Nouns DAO itself is making increasingly effective use of Prop House.
For example, the collective is currently doing the following: noun In a funding round aimed at incentivizing the creation of celebrity-focused Farcaster clients, the top three contributing teams were earmarked to win 100,000 USDC each. Therefore, this system now becomes a great vehicle for DAOs to support creative efforts in targeted ways outside of the main celeb governance process.
This product was created and later delivered by the Zora team. noun writer It makes it easy for people to create and run Nounish-style auction-based DAOs on Ethereum, Optimism, Base, or Zora Network. until now, 200+ groups It was launched based on this infrastructure. purpleDAO to extend the Farcaster protocol, and yellow collectiveThis is a DAO that supports artists on Base.
Big idea? This distributor infrastructure has helped further popularize the Nounish approach in the Ethereum ecosystem and has created a flywheel effect as some projects created with Nouns Builder now give a portion of their revenue as a tribute to the Nouns DAO.
If you’re in the market for creating your own DAO, Nouns Builder is now a leading contender alongside other distributor solutions like Aragon, Party, and Tally.
During the recent bear market, Nouns DAO shut down its Discord server to move away from a centralized web2 communication channel that it solely controls.
Against this backdrop, an exciting new development is the Nounish community’s enthusiastic embrace of cryptocurrency social technology, namely Warpcast, a leading Farcaster client.
actually, /noun channelNow one of the biggest ones on Warpcast, it has become a cryptocurrency native replacement for the virtually defunct Discord and is filled with Nounish discussions, news, mints, and more. The aforementioned Nouns x Farcaster Prop House round will undoubtedly generate at least one client that will rival or surpass Warpcast’s Nounish user base.
Then, overall, through this client operation, the on-chain nature of the Farcaster stack, and the ease of NFT mining, Far caster frame Making the Farcaster ecosystem the ideal home for every Nounish. If you want to stay updated on celebs, this is the place for the foreseeable future.
When I wrote about nouns August 2023, the DAO has already voted on ~350 proposals through its main governance process. Today that number is over +500. During that time, Nouns supported a variety of efforts, including:
Although this project is just a sample of current work on the Nouns ecosystem, it demonstrates how DAOs can be powerful cultural engines. and A force for good both on-chain and in real life. In this regard, Nouns DAO is currently unique in the cryptocurrency economy, a hub where fun and kindness can be mixed with cryptocurrency in an unprecedented way.
In the future, look for Nouns DAO to continue supporting exciting efforts like the Farcaster client and support new resources. Ethereum’s recent Dencun upgrade paved the way for DAOs. Layer 2 (L2) Voting AcceptanceExpect some innovation here.
Lastly, keep an eye out for Nounish content making its way into the mainstream. For example, Nounish quack The account currently has 1.6 million Instagram followers and Nouns Esports just signed a deal. #1 melee player in the world, becoming an instant heavyweight in the highly competitive Smash Bros scene. Overall, I don’t think any current NFT project has the potential to reach more people in the long term than Nouns. So make sure you don’t sleep on it!
William M. Feaster is the creator of metaverse — Bankless newsletter focused on the emergence of NFTs in the cryptocurrency economy. He also serves as a senior writer for the Bankless newsletter.
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